Converting the hydrocarbons to CO2 and H2O, yes.

Also, just found out that the red and yellow "flames" are actually heated soot that's glowing, like metal glows when heated. That's why "hotter" fires glow blue, that's actually the chemical of the gasses burning and less soot is being produced. That's why it's counter intuitive why colder flames glow brighter than hotter ones.